The Singapore International Commercial Court has awarded damages to 40 claimants against cryptocurrency firm
The claimants were collectively awarded more than $3 million in damages, concluding the second tranche of a case involving 275 people claiming losses from the collapsed UST cryptocurrency, according to a ruling on Monday. Damages were awarded based in part on how much UST the claimants held and when they held it.
As part of its decision, the court concluded the defendants made fraudulent …
Identity theft is the “foundational” fraud upon which many other crimes are built. It involves the unauthorized acquisition and use of a person’s personal identifying information (PII), such as an ID number, Social Security number, or passport details.
- How it works: Fraudsters obtain PII through data breaches, mail theft, or “social engineering” (tricking people into revealing details). Once they have this data, they can open new bank accounts, apply for credit cards or loans, and even receive medical treatment under your name.
- Synthetic Identity Fraud: A sophisticated variation where criminals combine real and fabricated information to create a completely new, “synthetic” person. This is particularly difficult to detect because there is no single victim to report the suspicious activity initially.